Bitcoin Cash Returns To Its Previous Low And Faces Rejection Of $120 High
Bitcoin Cash price is falling as sellers are undercutting the moving average lines.
Bitcoin Cash price long-term analysis: bearish
BCH hit a low of $108 today. Bearish momentum could reach the low of $100 before the downtrend reverses. BCH had previously rallied to a high of $119, but had encountered resistance at the $120 level. Buyers attempted to keep the price above the $120 resistance area on December 5, but were knocked back at the $117 high. The altcoin is under selling pressure once again, which ruins the bullish scenario. On the downside, BCH will reverse when it falls to $100.
Bitcoin Cash indicator display
As BCH is currently at the 48 level of the Relative Strength Index for the 14 period, this indicates a possible decline. The price of the cryptocurrency is below the moving average lines, indicating further losses. BCH is currently trading below the level 20 of the Daily Stochastic. This indicates that the oversold area for BCH has been reached. The bearish momentum is likely to weaken.
Technical indicators
Key resistance zones: $160, $180, $200
Major support zones: $120, $100, $80
What is the next direction for BCH /USD?
After rejecting the high at $120, the price of Bitcoin Cash is currently declining. The cryptocurrency is returning to its previous low of $100. BCH has made an upward correction during the December 5 downtrend, and a candlestick has tested the 61.8% Fibonacci retracement level. After the correction, BCH will fall to the 1.618 Fibonacci extension level or $104.74.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing in funds.
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